There's no secret to owning your own Michigan island. But like other lake-related real estate, limited supply can lead to large price tags.

Linda Fletcher pulled off the possible in 2006 when she purchased Namaste Island, a 7.5-acre retreat in Bass Lake near Traverse City.

"It's incomparable," Fletcher says. "Something about the evenings are kind of special out there. You're walking in the woods, and you just realize it's yours. It's a very peaceful kind of sense, and I really don't know anything else to compare it to."

Despite her fondness for the island, the self-described "little old lady" is ready to part ways with the property as she looks to shed the responsibility of renting it and travel the world.

When Fletcher first bought the island, the cabin was filled with carpenter ant larvae and racoons, although she notes that "no self-respecting racoon would have lived in it."

Hoping to live there year-round, she upgraded the plumbing and electric, installed a new septic system, appliances, custom cabinets and granite counter-tops. "I always describe it as rustic elegance," she says.

Fletcher abandoned plans for living on the island year-round after discovering the difficulty of reaching the island in the half-frozen waters of winter (although she thinks it could be done with a hovercraft).

Namaste isn't the only Michigan island for sale. Private Islands Online lists more than a dozen islands available for purchase in the lower and upper peninsulas, including the $1.3-million Eagle Island on Lake Antoine near Iron Mountain.

If you can't afford to buy your own island, don't worry, you can rent the dream.